The Baltic Exchange’s main sea freight index continued its decline for the ninth day and hit its lowest in more than a month on Thursday due to weak demand for capesize vessels.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, slipped 9 points to 1,790 points and hit its lowest since August 28.
The capesize index fell 31 points to 2,755 points. The index hit its lowest since late August.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased $262 to $22,844.
The panamax index snapped its winning streak and eased 2 points at 1,455 points.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, decreased by $16 to $13,097.
Dalian iron ore futures prices faltered on Thursday, surrendering earlier gains as uncertainty surrounding top consumer China’s fiscal stimulus plans clouded market sentiment, although firmer seasonal demand for steel products limited losses.
Among smaller vessels, the supramax index was up 4 points to 1,274.
Source: Reuters